Tuesday preview: Fedspeak, ECB vice-President in focus
By Alexander Bueso
Date: Tuesday 10 May 2022
(Sharecast News) - Investors' focus on Tuesday will be on a raft of Fed speakers who are due to take to the podium, given some market watchers' concern that the US central bank is not moving fast enough on tightening monetary policy.
Worth noting, a reading on consumer prices for the month of April is scheduled for the day afterwards and the consensus is for the headline rate of annual inflation to ease a tad.
Should the contrary occur, then at least in the near-term pressure on the Fed and government bonds markets might continue to build.
Across the Channel, a speech from European Central Bank vice-president, Luis de Guindos, at 1720 GMT, will also merit keeping tabs on following some calls for euro area officials to also be more proactive.
The prestigious ZEW institute will publish its closely-followed economic sentiment index for Germany in May at 1000 GMT.
No major economic reports are scheduled for release in the UK.
On the company side of things, US cryptocurrency outfit Coinbase is set to release its first quarter results against the backdrop of a sharp move lower in the price of Bitcoin.
Worth noting, the same risk aversion that was driving Bitcoin lower had also sent the company's share price to record lows.
Concerns over the outfit's valuation had also played a hand in the year-to-date rout in the shares, said Michael Hewson, chief market analyst at CMC Markets UK.
The drag on trading volumes as a result of weakness in crypto prices together with uncertainty over new regulations were two other factors weighing on the shares, Hewson said.
Tuesday 10 May
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